Al Ansari Exchange sees surge in remittances as Indian rupee nears record lows against UAE dirham

Dubai: Al Ansari Exchange has flagged a notable uptick in remittance activity from the UAE to India, driven by the Indian rupee’s continued depreciation against the UAE dirham.

The rupee today fell to around ₹23.91 per AED, trading within the week’s range of ₹23.63 to ₹23.95 — approaching its weakest levels in recent history.

The decline in the rupee has been linked to a combination of external and domestic pressures, including escalating trade tensions between the US and India.

The proposed U.S. tariffs of up to 25% on Indian exports have unsettled investor confidence, contributing to foreign equity sell-offs worth over $2 billion in July — the rupee’s worst-performing month since 2022. A more hands-off approach from the Reserve Bank of India (RBI) on currency intervention, rising global oil prices, and broader geopolitical uncertainty have further weighed on the Indian currency.

Al Ansari Exchange, a major remittance and foreign exchange provider in the UAE, said the recent exchange rate movements have prompted Indian expatriates to increase transfers, taking advantage of the favourable conversion rate. The current exchange environment allows for higher rupee payouts per dirham sent, directly benefiting recipients in India.

“The current exchange rate presents a unique opportunity for Indian expatriates in the UAE to maximise the value of their remittances,” said Rashed A. Al Ansari, CEO of Al Ansari Exchange.

“While the outlook for the rupee remains influenced by global and domestic factors, we are fully prepared to meet the increased demand and provide our customers with the best possible value and service during this period of heightened currency volatility.”

To meet growing demand, the exchange house has scaled up liquidity across its branch and digital network, implemented special offers, and launched promotional campaigns, including rate alerts via its mobile app. Additional staff have been deployed to high-traffic branches to manage volume efficiently.

Al Ansari Exchange added that UAE-based businesses with trade exposure to India are also monitoring the volatility closely, reviewing their hedging strategies and timing of cross-border transactions.

The company reaffirmed its commitment to maintaining reliable, secure, and transparent remittance services as currency markets face ongoing pressure from global developments.